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The levels of personal debt in the UK are continuing to increase, although the rate of escalation is slowing, figures have revealed.

Latest statistics from Credit Action reveal personal debt stood at £1,459 billion at the end of May, equating to an increase of £17.9 million.

It suggests 331 people are likely to be declared either bankrupt or insolvent today alone, with the average consumer saving just £2.96 every day.

Credit Action revealed that £578 million will be withdrawn from cash machines on a daily basis, while the average car will cost £16.80 to run today.

According to a report published by the OECD, the unemployment rate could reach close to ten per cent by 2010, following official statistics which revealed the number of unemployed people has risen to 2.26 million.

The rate of unemployment stood at 7.2 per cent for the three months to April – up 0.7 over the previous quarter and up 1.9 over the year – while the claimant count was 1.54 million in May.

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